From the close of trading Friday through the stock market’s open Monday, three Wall Street research firms adjusted their views on the tech giant, and the changes weren’t for the good.

Citigroup cut its rating on the stock to “neutral” from “buy,” along with its estimates for earnings-per-share and revenue. Pacific Crest Securities and Canaccord Genuity cut their earnings-per-share estimates, revenue estimates and price targets for the iPhone maker. That advice came after UBS on Friday cut its price target and estimates for the company.

Analysts have been steadily paring their outlooks on the stock. The average price target has declined to $749.41, a 5.4% drop from its peak of $792.40 in September, according to FactSet. It was in September that Apple shares hit their all-time closing high of $702.10.

Generally, analysts have been very bullish on Apple over the past two years. At any given time over that span, an average 92% of analysts have recommended investors buy the stock, FactSet data show. But as of Monday, 87% of analysts had a “buy” rating on the stock.

The group is focusing on a couple of key concerns: a projected slowdown in iPhone 5 shipments and sales of the new iPad mini potentially chipping into those of the original, larger iPad.

Citigroup cut its price target on the stock by 15% late Sunday, and trimmed its earnings-per-share estimates for the company’s 2013 fiscal year, which starts this quarter, by 15%, to $41.75 from $49.21.

On average, analysts expect Apple to earn $49.04 a share for fiscal year 2013, according to Thomson Reuters data.

Citi’s team covering Apple–which brings together three analysts from separate technology coverage areas–said it had just returned from visits to the company’s hardware suppliers in Asia, where “evidence of Apple order cuts…had emerged.” The firm said the cuts “bring into question the strength of [the] iPhone 5 and refocus investors onto risks.”

Canaccord made smaller share-price revisions, reducing its price target by 6.2%, to $750 from $800. Canaccord analyst T. Michael Walkley cut his earnings estimates for the fiscal year by 5.5% on expectations of slower international sales but thinks the slowdown will be “primarily in Europe.” He voiced concern that the iPad Mini was “cannibalizing” demand from the more-expensive iPad. But he expects Apple to recover and is still recommending clients buy shares.

Pacific Crest analyst Andy Hargreaves isn’t as sanguine. He moved his price target 12% lower, to $565 from $645.

“We believe weak global economic conditions and saturation at the high end of the smartphone market are reducing Apple’s ability to add new iPhone users,” he wrote in a note to clients Monday.

Mr. Hargreaves cut his earnings-per-share estimate for fiscal year 2013 by 12%, to $45.13 from $51.49.

UBS analyst Steven Milunovich was on the leading edge of the current cuts with his note Friday, and he also cited a production slowdown. He cut his price target by 10% to $700 and earnings-per-share estimate by 8.7% to $47.

“The stock has been a tug of war between low valuation and peaking growth and margins,” he wrote in a note to clients Friday.